§ 53-12-506. Statutory Provisions Applicable to Trust Directors; Defenses Available to Trust Directors; Personal Jurisdiction; Term “Trustee” Includes Trust Director Where Required or Permitted
An individual shall be eligible to serve as a trust director regardless of citizenship and residency. If the trust director is a corporation, partnership, or other entity, it shall be required to have the power to act as a trustee in Georgia. The rules applicable to a trustee apply to a trust director regarding: Jurisdiction […]
§ 53-12-452. Transfers From Income to Principal for Depreciation
As used in this Code section, the term “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year. A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that […]
§ 53-12-453. Transfers From Income to Reimburse Principal
Wherever a charge that is properly allocable to income has been made or is expected to be made from principal because of the unusually large nature of the charge or otherwise, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a […]
§ 53-12-454. Income Taxes
A tax required to be paid by a trustee based on receipts allocated to income shall be paid from income. A tax required to be paid by a trustee based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax by the taxing authority. A tax […]
§ 53-12-455. Adjustments Between Principal and Income Because of Taxes
A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from: Elections and decisions, other than those described in subsection (b) of this Code section, that the fiduciary makes from time to time regarding tax matters; An income […]
§ 53-12-500. Definitions
As used in this article, the term: “Directed trustee” means a trustee that is subject to a trust director’s power of direction. “Power of appointment” means a power that enables a person, acting in a nonfiduciary capacity, to: Designate a recipient of either an ownership interest in or another power of appointment over trust property; […]
§ 53-12-501. Application of Article; Construction of Trust Instrument
This article shall apply when the trust instrument evidences the settlor’s intent to provide for the office and function of a trust director, regardless of the terms used to describe such office and functions. This article shall not apply to: A power of appointment; A power to appoint or remove a trustee or trust director; […]
§ 53-12-424. Insubstantial Allocations Not Required
If a trustee determines that an allocation between principal and income required by Code Sections 53-12-425 through 53-12-428 or Code Section 53-12-431 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in Code Section 53-12-361 applies to the allocation. Such power may be exercised by a cotrustee […]
§ 53-12-502. Authority, Procedures, and Powers of Trust Directors
Except as otherwise provided in this Code section, a trust instrument may grant powers of direction to a trust director. Except as otherwise provided in the trust instrument, when a trust instrument grants powers of direction to a trust director, the trust director shall have any further powers appropriate to the exercise or nonexercise of […]
§ 53-12-425. Deferred Compensation, Annuities, and Similar Payments
As used in this Code section, the term: “Payment” means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payor in exchange for future payments. Such term includes a payment made in money […]